A principal of $1000 is deposited in an account that pays 2.5% interest compounded yearly. Find the account balance after 3 years.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter10: Exponential And Logarithmic Functions
Section10.5: Solve Exponential And Logarithmic Equations
Problem 355E: What is the difference between the equation for exponential growth versus the equation for...
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A principal of $1000 is deposited in an account that pays 2.5% interest
compounded yearly. Find the account balance after 3 years.
(Refer: use the growing or decay exponential model such as y =
a(1 ± r)*
$875.21
$996.89
$1076.89
$1276.89
Transcribed Image Text:A principal of $1000 is deposited in an account that pays 2.5% interest compounded yearly. Find the account balance after 3 years. (Refer: use the growing or decay exponential model such as y = a(1 ± r)* $875.21 $996.89 $1076.89 $1276.89
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